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    70 Jutland Road, Unit 16, Toronto, ON M8Z 2G6

    • (647) 559-5880
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    Sunshine, heat and a cooling market: June 2023 Market Update

    The summer heat might finally be here but June's data from the Toronto Regional Real Estate Board tells us that the...

    • Amy Youngren
    • August 4th, 2023
    • 3 min read
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    The summer heat might finally be here but June's data from the Toronto Regional Real Estate Board tells us that the GTA real estate market isn't faring the same. Let's take a closer look...

     

    Breaking It All Down

    What do the number of sales, new listings and prices all have in common with the GTA’s June real estate report?

    Up. They are all up.⬆️ All of them.🤩

    But don’t get too excited just yet. Here’s why.

    The number of sales are up year over year (the sign of active buyers and sellers - yay!) but we are down since last month. Alot. 20.46% to be exact. This was largely due to uncertainty that loomed around the Bank of Canada’s forecast on rates.

    And new listings? Well they are up a bit too. Both since last year and since last month (although there really aren’t enough options for motivated buyers to find what they are looking for). An increase in listings could also be a sign that some sellers might be concerned about another looming interest rate increase and want to get ahead of the effect it could have on sale prices.

     

    The Price Is (Not As) Right💰

    Speaking of prices. We are still up a bit year over year by 3.2% however  June was the first month (since January) that prices didn’t continue to climb. We saw a drop from May to June and all signs are indicating that a downward price trend may continue throughout the summer market. Condos, townhomes and detached houses all saw a slight dip in average prices, whereas semi-detached homes, especially two kinds (the fully renovated to the nines or the gut me to the studs kinda semis) are holding strong with a small uptick in pricing in that home type.

     

    The Key Issue: Supply🏘️

    Even with a slight upswing in the number of homes for sale, the GTA’s ongoing housing shortage and affordability is still a hot topic in the news, rampant on social media and took priority in our recent municipal election. The government says they are committed to solutions; let’s hope we see some results sooner than later.

     

    What Does This Mean For Me

    Now more than ever, please don’t try to navigate real estate on your own. Lean on the expertise, skill and experience of professionals to ensure you are protected and make smart, effective decisions based on your personal plans. PS - that’s where we come in!😉

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    About the author

    Amy Youngren

    416-624-8854
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    Amy Youngren is an avid real estate investor, sought-after speaker and founder of one of Canada’s fastest growing, award-winning real estate teams: North Group (est. 2017). As a business leader with 20 years of both corporate and sales experience within the real estate industry, Amy is guided by a vision to empower real estate entrepreneurs through a platform of superior systems, services and marketing that create real estate experiences worth talking about for 300+ clients annually. Named one of the “100 Most Influential in Real Estate” by Inman, she has steered North Group to numerous accolades, including “Most Innovative Real Estate Team” and ranked in the Top .01% in Canada, by the Toronto Regional Real Estate Board. Amy is a results-driven leader with an extensive network of industry connections, partners and investors, who is a regular commentator on industry trends and has been featured in the Canadian Press, Toronto Star, CTV andYahoo! Finance, among others.

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    Real Broker Ontario Ltd., Brokerage

    70 Jutland Road, Unit 16, Toronto, ON M8Z 2G6

    Real Broker Ontario Ltd., Brokerage

    70 Jutland Road, Unit 16, Toronto, ON M8Z 2G6

    (647) 559-5880
    [email protected]

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